UK - State Street was forced to reimburse a client for a transition management trade after an internal investigation, which led to the dismissal and possible dismissal of senior transition managers Ross Mclellan and Edward Pennings, found the client had been double charged on fees.
Sources confirmed that the client was a UK pension fund who had hired State Street to conduct a transition involving fixed income assets. Spokeswoman Lucy Davidson said: "State Street has conduc...
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